subject: Stay Safe From Lawsuits And Other Claims: Get Yourself Liability Insurance Today! [print this page] As a company, you are prone to be sued eventually. So why not play it safe and get yourself liability insurance? There are many advantages in getting such insurance. Of course, there are disadvantages, because you may never be sued and you pay a monthly fee on the insurance. But can you be absolutely certain your company is safe from law suits and other types of claims? Nowadays, people would sue for the tiniest matter and if you are not protected against these kind of problems you may end up losing a lot of money.
Any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence is called a liability insurance. Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. International damage and contractual liabilities are typically not covered in these types of policies. Liability insurance is very important for those who may be held legally liable for the injuries of others, especially medical practitioners and business owners. A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations.
In addition to that, this particular type of insurance costs much less than other options and that is why it is so popular among companies worldwide. For example, in regard to auto insurance policies, liability insurance costs far less than full coverage. The reason for this is because full coverage insurance must pay for both your vehicle and any other vehicle involved in a collision, as well as property damage and medical expenses due to injuries to you or another party.
All in all, having liability insurance should not be optional for businesses or medical practitioners, or for any other entrepreneurs that may be held liable for injuring others. When a claim is made, the insurance carrier has the duty and right to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise. Therefore, if you do not want to pay a lot of money to lawyers, get liability insurance!
by: crescent
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